Senator Warren’s Anti-Crypto Bill Faces Setback as Co-Author Withdraws

Senator Roger Marshall has withdrawn his support from Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act (DAAMLA), marking a significant setback for the anti-crypto bill. This development casts doubt on the future of the legislation, which has been a focal point of Warren's efforts to regulate the cryptocurrency industry.

Senator Marshall Withdraws Support for DAAMLA

Senator Roger Marshall, a Republican from Kansas, co-authored the Digital Asset Anti-Money Laundering Act with Democratic Senator Elizabeth Warren in 2022. On July 24, 2024, he withdrew his support, dealing a blow to the controversial anti-crypto legislation.

Reintroduced to the Senate in July 2023, the DAAMLA aims to bring the cryptocurrency industry under existing Anti-Money Laundering and counter-terrorism financing frameworks. The bill proposes classifying a wide range of crypto service providers, including decentralized wallet providers, validators, and miners, as financial institutions subject to the Bank Secrecy Act.

Senator Warren has argued that the bill is essential to combat the use of cryptocurrencies by “rogue nations, oligarchs, drug lords, and human traffickers” for money laundering. However, the proposed legislation has faced strong opposition from crypto advocates and industry experts.

The Chamber of Digital Commerce has warned that the bill could “erase hundreds of billions of dollars in value for US startups” and negatively impact American crypto investors. Additionally, 80 former military and national security officials have cautioned lawmakers against supporting the bill.

With Senator Marshall’s withdrawal, the number of senators backing the bill has dropped to 18. This losses.“

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